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...argument between the Treasury and the Federal Reserve Board, which has long been arguing for higher interest rates. The decision was designed to discourage banks from turning their Government securities into cash, then loosing the cash into the nation's credit structure where its buying power increases six-fold (TIME, Feb. 19). In a nutshell, what the Treasury will do is this: a new issue of bonds paying 2¾% will be offered as a swap for existing 2½% bonds maturing...
...most ways, Chrysler Corp. was in better shape than ever before to handle its multiple burdens of peace & war. Working capital has increased more than 15-fold (to $375 million) in the company's 25 years; net worth has soared from $37 million to more than $509 million; capacity was increased 33% since World War II (and is being boosted another 30%). Despite a three-month strike last year, the company turned out 1,385,000 cars and trucks in nine months-more than any other full year's output. Earnings hit a new peak (an estimated...
BALTIMORE COLTS FOLD...
...after two years of futile attempts at negotiation, Indian and Pakistani troops still face each other belligerently across an uneasy U.N. cease-fire line. By tradition, Commonwealth conferences do not concern themselves with disputes among members, but all the ministers were eager to bring the ninth brother into the fold. Attlee fired off messages to Liaquat offering informal discussion of Kashmir, followed up with an offer of "complete consideration" and possible mediation. At week's end, after several days of cabled quibbling, Liaquat accepted the compromise, took off for London...
Take a Lesson. Aramco was reasonably happy with the deal. After investing $400 million in Saudi Arabia, it had boosted production 46-fold in a decade, to a rate of 650,000 barrels daily (equal to 11% of all U.S. domestic production). With the prospect of an expanding market, and with its development work largely completed, Aramco recognized that Saudi Arabia was entitled to a bigger share than it had gotten during the years of exploration work...